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Dec 1, 2012
12/12
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so for instance if you have a tax system like ours where speculators are taxed at a different rate than if people who work for a living or from any into a bank account in the cayman islands rather than peak united states, you have extended the rules not only to give lower taxes, tax rates to those who avail themselves of these, but distorts the economy and you wind up with more speculation. the money isn't in the cayman islands because it grows better in the sunshine. lack of sunshine, is the reason people keep their money there. >> i had a conversation with someone from the financial industry trying to make the defense about things like carried interest which isn't investment income but gets taxed, there's a lot of effort put in with cancer in return, and i couldn't help, you know what else involves a lot of munster in return? renting books. i don't get the tax break and you get the tax break. >> just to clarify the question of very interesting, when a private equity or hedge fund earns money from their customers they earn a fee, that is their income. they are allowed to defer that and
so for instance if you have a tax system like ours where speculators are taxed at a different rate than if people who work for a living or from any into a bank account in the cayman islands rather than peak united states, you have extended the rules not only to give lower taxes, tax rates to those who avail themselves of these, but distorts the economy and you wind up with more speculation. the money isn't in the cayman islands because it grows better in the sunshine. lack of sunshine, is the...
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Dec 7, 2012
12/12
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you, don't tax me coming and you will find that out. estimate on the second piece and then on the second piece. the first piece, the danger with putting the goals in the savings and cuttings and taxes in its regular order i'm afraid the regular order won't produce the results. to build another fiscal what on pressure which puts us right back where we are or have a default mechanism which the policy set aside that was sides don't like about media is a lot of bad alternatives for both. it's important for people to understand in the current lull this is a fact. if the converse packed its bags right now and went away at the end of the tenure period the deficit to gdp ratio would be under 1%. succumbing you would solve the deficit problem. estimate under 1%? the percentage of your debt as the deficit to the gdp. the deficit to gdp. a deficit to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction o
you, don't tax me coming and you will find that out. estimate on the second piece and then on the second piece. the first piece, the danger with putting the goals in the savings and cuttings and taxes in its regular order i'm afraid the regular order won't produce the results. to build another fiscal what on pressure which puts us right back where we are or have a default mechanism which the policy set aside that was sides don't like about media is a lot of bad alternatives for both. it's...
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Dec 1, 2012
12/12
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and so very often that will mean they'll resist certain kinds of regulations, resist certain kinds of taxes, and resist certain kinds of policies that might be in the broader public interest and, therefore, there's a tension between the narrow self-interest of the few and the broader general interests of everybody else. >> host: in your book you talk about evolution quite a bit, and in fact if i'm misquoting you, let me know. but national government are knee -door in neathrandel. >> at some point, human beings and dinosaurs and modern -- national governments are a form of organization that are inconsistent with the global ear remark whereas corporations helped shape the global era, are designed to operate globally and across borders and thrive in a place where the very nature of countries having borders restricts them from projecting their influence. >> host: do you see that changing? >> guest: well, it will change at a point in history where people realize they need international institutions that are strong enough to regulate global climate or to regulate global financial markets or regul
and so very often that will mean they'll resist certain kinds of regulations, resist certain kinds of taxes, and resist certain kinds of policies that might be in the broader public interest and, therefore, there's a tension between the narrow self-interest of the few and the broader general interests of everybody else. >> host: in your book you talk about evolution quite a bit, and in fact if i'm misquoting you, let me know. but national government are knee -door in neathrandel. >>...
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Dec 7, 2012
12/12
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the individual tax credit and they also pay the taxes themselves. like most working americans that have a magical withholding they see the tax dollars. small-business people write that check and they see every last dime of it. the tax collectors for the federal government collect all of those from employees and send that in as well. they are the only people that really see, touch, feel, implement virtually every aspect of the tax code and that's one of the reason it's very high in their mind and agenda. >> one thing about the structurally unemployed is that there may be more hope for them this time. we've had this before. we had it especially in the 1970's. and what happened then was not good. people lost 30 to 40% of their income when we looked at them five years later they lost most if not all of their benefits, and that's pretty much where they stayed. or they left the labour market but that was also smaller numbers for older people. this time there is some hope that depth of the recession in manufacturing in a sense and in construction because o
the individual tax credit and they also pay the taxes themselves. like most working americans that have a magical withholding they see the tax dollars. small-business people write that check and they see every last dime of it. the tax collectors for the federal government collect all of those from employees and send that in as well. they are the only people that really see, touch, feel, implement virtually every aspect of the tax code and that's one of the reason it's very high in their mind...
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Dec 5, 2012
12/12
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for millions of people the 2001 tax bill only change the name of the tax that i the name of the tax that i pay. i got very little benefit from the rate reduction because i was shifted over but in my opinion it has nothing to do the absence of the index but a result of the conscious vision to hide the cost as the bush tax cuts to be that amt in place >>host: the highest amt is 20% but after 2001 if the tax rate was lowered a to defy% used had to pay a mts backtracked but incomes between 200 north that is hitting the 35% rate and the end comes are lower than the levels at which you would hit the 35% rate. there is a bazaar rate structure. >>host: why is it called a patch? >>guest: one time, year by year, patch, of the broad expansion. you could say why do they call it a cliff? [laughter] it is discussed in a terms of apache and it is a year by year increase. of the patches nothing but an increase of the exemption to prevent tens of millions of people to be forced to fallout their return. what makes this critical in the discussion is weird talking about the package for 2012 i'd like the res
for millions of people the 2001 tax bill only change the name of the tax that i the name of the tax that i pay. i got very little benefit from the rate reduction because i was shifted over but in my opinion it has nothing to do the absence of the index but a result of the conscious vision to hide the cost as the bush tax cuts to be that amt in place >>host: the highest amt is 20% but after 2001 if the tax rate was lowered a to defy% used had to pay a mts backtracked but incomes between...
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Dec 6, 2012
12/12
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tax reform. each should be made permanent or fazed out based on that review, but realistically, the congress will not make those decisions before the end of this year. tax reform will take the better part of a year to accomplish or perhaps even longer. we will need to pass an extenders bill before then, and we have one before us today that is worthy of being passed. a third reason we should pass the tax extenders package now and not wait until the 11th hour is that waiting could force the i.r.s. to delay the tax filing season by ten weeks or more for millions of americans. in fact, we are at the 11th hour. i should amend my comments to make that point very clear. this need for the i.r.s. to delay the tax filing season is because the bill extends many provisions that expired at the end of 2011. they need to be extended for 2012 before people file their tax returns beginning in january of 2013. after congress acts, if it acts, the i.r.s. needs weeks to finalize tax forms and instruction books and t
tax reform. each should be made permanent or fazed out based on that review, but realistically, the congress will not make those decisions before the end of this year. tax reform will take the better part of a year to accomplish or perhaps even longer. we will need to pass an extenders bill before then, and we have one before us today that is worthy of being passed. a third reason we should pass the tax extenders package now and not wait until the 11th hour is that waiting could force the...
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Dec 4, 2012
12/12
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see the deduction for state income taxes being a tax expendture. when i paid tax to the district of columbia, that is the cost, my cost, of earning that income, and it should be deductible i believe in computing me federal tax income little. it's not deductible. >> host: diane in new hampshire, go ahead. >> guest: good morning. >> host: morning. >> caller: fascinated to hear about the tax. it kills me every year. i'm a small business owner, and my income changes year to year. i can make $80,000 one year, and i can make $60,000 the next, and the next 45. i cannot process what the amt will be. looking at the last return here, made $60,000 and had an amt of $1700, a piggy back. talk about this because i don't consider making $80,000 as a single person and paying 13% of the social security out of and all my other cuts to be a lot of money. >> guest: no, i don't disagree with you at all. the amt is not what you would have designed as a tax -- a way to compute your federal income tax. it is the combination of a reform that was end acted after the need fo
see the deduction for state income taxes being a tax expendture. when i paid tax to the district of columbia, that is the cost, my cost, of earning that income, and it should be deductible i believe in computing me federal tax income little. it's not deductible. >> host: diane in new hampshire, go ahead. >> guest: good morning. >> host: morning. >> caller: fascinated to hear about the tax. it kills me every year. i'm a small business owner, and my income changes year to...
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Nov 29, 2012
11/12
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tax and spend, not taxes to reduce deficits. taxes to fund new spending. that's why the budget, it puts us on track to have $25 trillion in total debt at the end of ten years, another almost $10 trillion in debt headed to the current debt level. so insofar as i can see, that tax-and-spend policy remains his goal today. the white house isn't planning to raise taxes to reduce the deficit, raise taxes under their plan to expand government. and that's not -- i don't believe congress will accept such a deal if that's what's going on in the secret negotiations. president obama campaigned on tax increases just on the wealthy, just on raising their rates, just only $800 billion in tax increases. but now the white house is demanding $1.6 trillion in tax increases. don't the american people have a right to see where those taxes fall, who this will impact and how much they are? shouldn't the president lay out his plan? the president of the united states, the only person who represents everybody in the country, will that remain a secret? will it just be revealed to us
tax and spend, not taxes to reduce deficits. taxes to fund new spending. that's why the budget, it puts us on track to have $25 trillion in total debt at the end of ten years, another almost $10 trillion in debt headed to the current debt level. so insofar as i can see, that tax-and-spend policy remains his goal today. the white house isn't planning to raise taxes to reduce the deficit, raise taxes under their plan to expand government. and that's not -- i don't believe congress will accept...
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Dec 6, 2012
12/12
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there is no net rising taxes today. any taxes increased are offset by taxes. mr. speaker, in last year's autumn statement, we maintained the same piece for consolidation beyond the current spending in 2015 and 2016 and 2017. in this year's autumn statement, we extended the consolidation program for the year is 2017. the opr project as that as a result, the share of national income spent by the state will fall from almost 40% of gdp in 2009 and 2010, to 39.9% 52018. the document shows total management expenditure will continue to fall and will now people are willing to go and 2018 and if it had been held flat in real time. no decisions to cut this is ever easy. those who said we would have higher taxes or higher borrowing or both. i also provide further details of the consolidation plans for 2015 and 2016, last year at this parliament. as the two years ago that the correct balance for the fiscal consolidation between spending and tax should be 80-20. i can announce that we will almost be exactly able to deliver on that mix. total spending will fall in the final yea
there is no net rising taxes today. any taxes increased are offset by taxes. mr. speaker, in last year's autumn statement, we maintained the same piece for consolidation beyond the current spending in 2015 and 2016 and 2017. in this year's autumn statement, we extended the consolidation program for the year is 2017. the opr project as that as a result, the share of national income spent by the state will fall from almost 40% of gdp in 2009 and 2010, to 39.9% 52018. the document shows total...
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Dec 4, 2012
12/12
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to provide tax cuts on those. when it comes to balance, the president believes it is the right thing and it's the only mathematically sound way to achieve balance in the deficit reduction package and the point i've been trying to make is that he was very clear about this. but it should not be a surprise to republican leaders. >> this officer that the president made to house republicans, he is questioning more than that. repeatedly during the year about his proposal, he has been trying in an odd page document -- 70 odd pages at the podium last week, he was presented with a super committee appropriation. the deficit reduction has long been his position and it has been explicitly his position. we talked about it in the aftermath of the election. he did not suggest that he somehow added to his proposal -- >> what i am saying is that we didn't campaign on limiting the deductions for wealthier americans or limiting charity deductions for wealthier americans. those are not items that we talked about on the campaign trail
to provide tax cuts on those. when it comes to balance, the president believes it is the right thing and it's the only mathematically sound way to achieve balance in the deficit reduction package and the point i've been trying to make is that he was very clear about this. but it should not be a surprise to republican leaders. >> this officer that the president made to house republicans, he is questioning more than that. repeatedly during the year about his proposal, he has been trying in...
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Dec 6, 2012
12/12
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tax. today this tax -- also known as the estate tax -- is set up at a top rate of 35%, with an exception for the first $5.1 million of the estate's value. well, those are the levels that congress set and the president agreed to in 2010. a republican house of representatives, democrat senate, as well as the president -- democrat in the white house. 2010. those are th levels are now setp dramatically to a top rate of 55% with an compe exemption fort the first $1 million. $1 million as you understands like a lot of money -- $1 million sounds like a lot of money until you start looking at family farms. farmers have a lot of assets such as land, buildings and livestock. those things are worth a lot of money for purposes of calculating the value of someone's estate. but they aren't liquid assets. you can't just spend a tractor. once a mom or dad dies in the farm family, the i.r.s. wants the death tax paid within nine months. the taxes collected -- though it is calculated on the big valuations fo
tax. today this tax -- also known as the estate tax -- is set up at a top rate of 35%, with an exception for the first $5.1 million of the estate's value. well, those are the levels that congress set and the president agreed to in 2010. a republican house of representatives, democrat senate, as well as the president -- democrat in the white house. 2010. those are th levels are now setp dramatically to a top rate of 55% with an compe exemption fort the first $1 million. $1 million as you...
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Dec 4, 2012
12/12
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the nonpartisan tax policy center called it mat mathematicy impossible to give tax breaks to the rich without harming the middle class. this is something that former president clinton said during the campaign. it's arithmetic. given the choice between the millionaires and billionaires and the middle class, the republicans again sided with the wealthy of this country. their plan doesn't just keep rates low for the richest 2%, it actually lowers them further. the democrats' plan would protect 98% of families and 97% of small businesses from painful tax increases by asking the top 2% to pay a little bit more. the republicans' plan, on the other hand, is more of the same. not only does 2 balance the budget on the backs of the middle class, it voids our promise to seniors with steep cuts to social security and medicare, all to pay for even more handouts to the rich. at least we now know where they stand. republicans have sought to cover by invok invoking erskine bowle' name. he has disavowed their plan. we're glad to see the republicans join in the negotiating process. while their proposal
the nonpartisan tax policy center called it mat mathematicy impossible to give tax breaks to the rich without harming the middle class. this is something that former president clinton said during the campaign. it's arithmetic. given the choice between the millionaires and billionaires and the middle class, the republicans again sided with the wealthy of this country. their plan doesn't just keep rates low for the richest 2%, it actually lowers them further. the democrats' plan would protect 98%...
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Dec 5, 2012
12/12
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should the middle-class tax cuts be extended? should the bush tax cuts on the rich end? should we end the medicare guarantee for our seniors and the next generation? well, those big questions were discussed, argued and clear positions were taken, and voters went to polling places on election day to render their verdict. and, mr. president, the outcome was clear. candidates who stood up for the middle class won. candidates who advocated for our seniors came out ahead. and in exit polls across the country, voters made very clear that they strongly supported the idea that the wealthy should pay higher tax rates and their fair share. and everyone -- democrat, republican, independent, wealthy, low income, middle class, students, workers, retirees, older, younger and inbetween -- everyone, everyone supports extending the tax cuts for the middle class. nobody thinks that the taxes should go up for 98% of our workers and 97% of our small business owners. so, mr. president, this ought to be easy. the american people just weighed in supporting a continuation of the bush tax cuts f
should the middle-class tax cuts be extended? should the bush tax cuts on the rich end? should we end the medicare guarantee for our seniors and the next generation? well, those big questions were discussed, argued and clear positions were taken, and voters went to polling places on election day to render their verdict. and, mr. president, the outcome was clear. candidates who stood up for the middle class won. candidates who advocated for our seniors came out ahead. and in exit polls across...
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Dec 7, 2012
12/12
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the huge corporate tax. that is off the table now. they increase the capitol gains rate to ordinary income which i think most, many republicans and more than a few democrats have said is unacceptable and finally, they had problems i think with that question, the most politically brilliant treasury secretary and deputy we have ever seen in this country and tim baker and they had people on capitol hill on the other side who were dying to work together. we don't have any of that and we talk about tax reform is if it's a magic panacea. >> well i mean you solve a story today in "the new york times" about tax policy is certainly not a right of center institution and is left of his left of center orly center. if you cap it at $50,000.750 billion over 10 years, if you change cpi which i think mark has embraced -- >> including including charitable sin? >> you can include charitable than that but you can also look at the health care which by the way is the most passive that exist and i don't know why people in the income category that mark and
the huge corporate tax. that is off the table now. they increase the capitol gains rate to ordinary income which i think most, many republicans and more than a few democrats have said is unacceptable and finally, they had problems i think with that question, the most politically brilliant treasury secretary and deputy we have ever seen in this country and tim baker and they had people on capitol hill on the other side who were dying to work together. we don't have any of that and we talk about...
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Nov 29, 2012
11/12
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one is the concern of barry sudden drops in government expenditure and taxes on january 1 i could have a significant negative shock to the american and global economy. the other is the need for the united states to have a credible fiscal plan over the midterm to deal with what i think is a pretty serious long run fiscal situation. those issues often get mixed together. i would repeat what our finance minister said recently. i do think there solutions to the january 1 situation and a lot of common ground. i would think people would come to those solutions and not wait for a crisis. i hear some people talking about a budget accord. that kind of talk as lister you cannot, you go over a cliff, you cannot be sure what will happen next. with the collapse of lehman brothers, how icing major event can trigger a series of the event. i have every reason to believe these people will come to some kind of agreement on what to do. i also remain, notwithstanding all the difficulties the unit the -- the u.s. economy faces. i do not want to minimize them. this is still at its heart the most entrepreneu
one is the concern of barry sudden drops in government expenditure and taxes on january 1 i could have a significant negative shock to the american and global economy. the other is the need for the united states to have a credible fiscal plan over the midterm to deal with what i think is a pretty serious long run fiscal situation. those issues often get mixed together. i would repeat what our finance minister said recently. i do think there solutions to the january 1 situation and a lot of...
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Dec 1, 2012
12/12
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the 2001 tax cuts about to expire. senator reid on the floor, the democrats did not want to extend all tax cuts, just some of the tax cuts, and he was trying to create an impression that, at the time, that republicans were obstructing the process and what the democrats wanted to do, but in reallots what reid was trying to do, i believe, was set the agenda and create an environment so that he could win politically and set up after the quote, a rare weekend session in the senate where he had two votes, no republican amendments allowed, and he set this up to show that republicans were obstructionists, and that they would not go along with what he said was good for the country, and this was a public relations ploy designed to shift attention from the democrats inability to come along with what republicans wanted to do, which is fine, their prerogative k to republicans saying we don't want to go along with what the democratsment to do. in short, he was seeking to control the agenda, and i think that's the real issue here. c
the 2001 tax cuts about to expire. senator reid on the floor, the democrats did not want to extend all tax cuts, just some of the tax cuts, and he was trying to create an impression that, at the time, that republicans were obstructing the process and what the democrats wanted to do, but in reallots what reid was trying to do, i believe, was set the agenda and create an environment so that he could win politically and set up after the quote, a rare weekend session in the senate where he had two...